Great Bear Resources Ltd. (GBR:TSX.V; GTBDF:OTC) discovered via a historical drill core a high-grade gold zone, Yuma, at Dixie in Ontario's Red Lake District, it announced in a news release.
"This is the cheapest discovery hole we've ever had, since the high-grade, visible gold interval was sitting unreported for 12 years in drill core stored on the property," President and CEO Chris Taylor said in the release.
The revelatory, non-assayed hole was DC-12-07, drilled by a previous operator in 2007. It was a 1.4 kilometer (1.4 km) stepout hole on the LP Fault, southeast of the Bear-Rimini discovery hole DNW-011, and was the only other hole drilled to date into the LP Fault's footwall. The lowest meters of DC-12-07 intersected silicified volcanic rocks and higher up, the hole hit low-grade mineralization, both similar to the Bear-Rimini discovery.
Yuma and Bear-Rimini indicate that high-grade gold is present in both locations where the footwall of the fault was drilled. Yet, most of the LP Fault's 18 km of projected strike length have not been tested. As such, Great Bear will drill further stepouts along the LP Fault and the parallel North Fault to delineate the system's extent and its mineralization distribution pattern. Follow-up drilling is already in progress.
Additionally, the company started to re-log and sample all of the available historical drill core from areas north of the LP Fault zone. Results of that work will be released when available.
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